Dealing with way too much debt can be stressful for anyone. The bill collectors can threaten you in a variety of different ways, including wage garnishments and court. If you are dealing with the harassing phone calls and letters and are finding it impossible to get out of your debt, you are not alone. Many people feel they are drowning in debt, but they are finding solutions to help. Though bankruptcy is not a choice you should make without careful thought, it has helped many people to be able to overcome their debt permanently. Through the Attorneys in Topeka KS, you can file for bankruptcy and successfully overcome your debt.
How Can Bankruptcy Help Your Financial Issues?
Bankruptcy laws are in place to help people who have been overcome with the debts they owe. Entering into bankruptcy should be done with careful thought and the intention to pay off your bills and have a brighter financial future. To accomplish this, you will need to work with Attorneys in Topeka KS who know bankruptcy law and can help you through every aspect of filing. Your attorney will need you to provide ample information on your financial situation, so a decision can be made on what type of bankruptcy you should file.
If you want a fast option for bankruptcy, you may want to choose chapter 7. In this type of bankruptcy, you will have all of your non-essential assets sold, to pay down your debts. This is usually accomplished in six months or less, depending on the amount of assets being liquidated and the amount of debt you owe. Once this period is over, you are completely free of all debts listed in your bankruptcy.
If you need more time to pay down your debts and do not want to liquidate your assets, chapter 13 can be the answer. In this type of bankruptcy, you will be required to make a monthly payment to the court, to slowly pay down all of the debts you owe. Chapter 13 bankruptcy can last between two and five years, depending on your financial situation.
If you are drowning in debt, click here to read more. Visit Joewlaw.com and allow them to give you more information on your options for bankruptcy and how they can benefit your financial situation.